IDBI Bank strike Nov 2-3: 10,000 employees protest privatisation to Fairfax
Synopsis
IDBI Bank employees are walking out for two days on Nov 2-3, arguing that a bank rescued by ₹46,000 crore of public money — and now boasting a gross NPA of just 2.30% — is being sold to Canada's Fairfax Group at an inadequate valuation. With 10,000 staff striking and the union demanding the process be scrapped, this is the sharpest confrontation yet over India's public-sector divestment agenda.
Key Takeaways
More than 10,000 IDBI Bank employees will observe a two-day strike on 2 and 3 November 2026 against the bank's privatisation.
The strike is called by the United Forum of IDBI Officers & Employees , opposing a proposed sale to Canada's Fairfax Group .
The Government of India and LIC together infused more than ₹46,000 crore into the bank between 2016 and 2020.
IDBI Bank has posted cumulative net profits of over ₹30,100 crore in the past six years; gross NPA has fallen from 31.78% in 2018 to 2.30% .
The union has questioned the proposed valuation and flagged a lack of transparency in the sale process.
More than 10,000 employees of IDBI Bank are set to launch a nationwide two-day strike on 2 and 3 November 2026 against the proposed privatisation of the lender, in what marks a significant escalation of organised opposition to the government's plan to transfer control of the bank to Canada's Fairfax Group. The action has been called by the United Forum of IDBI Officers & Employees, the representative body spanning staff across the bank's operations.
Why Employees Are Striking
The forum has urged both the government and the bank's management to abandon the privatisation process entirely. Its core argument: IDBI Bank's turnaround was funded by public money and delivered through employee effort — not private enterprise — and therefore the gains should not be handed to a private buyer.
According to the union, the Government of India and the Life Insurance Corporation of India (LIC) together infused more than ₹46,000 crore into the bank between 2016 and 2020 to stabilise it after it ran up steep losses. Those losses stemmed from the recognition of stressed assets under the Reserve Bank of India's (RBI) Asset Quality Review exercise.
The Turnaround in Numbers
IDBI Bank has reported cumulative net profits of more than ₹30,100 crore over the last six years, according to the union. Its gross non-performing asset (NPA) ratio has fallen sharply — from 31.78% in 2018 to 2.30% currently. The net NPA ratio now stands at just 0.16%, with a capital adequacy ratio of 26.38% and a provision coverage ratio of 99.31%.
Notably, these metrics place IDBI Bank among the healthier mid-sized lenders in India by asset quality standards — a stark contrast to its position just six years ago.
What the Union Says About the Sale
The United Forum of IDBI Officers & Employees has raised pointed questions about the proposed valuation, describing it as inadequate. The forum has also flagged what it called a lack of transparency in the divestment process, concerns that have not yet been formally addressed by the government or the bank's management.
The forum's statement argued that the bank's employees helped retain customers, maintained operations, and restored public confidence during a prolonged period of financial stress — and that this contribution is not reflected in the terms of the proposed sale.
Government's Position and What Comes Next
Despite the bank's improved financial health, the government is proceeding with plans to hand over control to Fairfax Group, the Canadian conglomerate led by Prem Watsa. No official response to the union's demands had been issued at the time of reporting.
The two-day stoppage, if fully observed, would disrupt retail and corporate banking operations across IDBI Bank's national network. The outcome of the strike — and whether it prompts any government engagement — will signal how far organised labour can push back against the broader public sector divestment agenda.
Point of View
Not a dividend. A bank that absorbed ₹46,000 crore in taxpayer and policyholder capital — and delivered ₹30,100 crore in cumulative profits — is now being transferred to a foreign private buyer at a valuation the unions call inadequate. The government has not publicly reconciled this asymmetry. More broadly, if the turnaround thesis is that public investment works, selling the asset cheaply undermines the logic of staying the course. The real question is not whether IDBI Bank should be privatised, but whether the price and process reflect the public's stake in its recovery.
NationPress
1 Nov 2026
Frequently Asked Questions
Why are IDBI Bank employees going on strike on November 2-3?
IDBI Bank employees are striking on 2 and 3 November 2026 to protest the government's plan to privatise the bank by transferring control to Canada's Fairfax Group. The United Forum of IDBI Officers & Employees argues that the bank's turnaround was achieved through over ₹46,000 crore in public funding and employee effort, and should not be handed over to a private buyer at what it calls an inadequate valuation.
What is the current financial health of IDBI Bank?
IDBI Bank has reported cumulative net profits of more than ₹30,100 crore over the last six years. Its gross NPA ratio has dropped from 31.78% in 2018 to 2.30%, the net NPA stands at 0.16%, the capital adequacy ratio is 26.38%, and the provision coverage ratio is 99.31% — placing it among the healthier mid-sized lenders in India.
Who is buying IDBI Bank and what is the concern?
The government is proceeding with plans to transfer control of IDBI Bank to Canada's Fairfax Group. Employee unions have questioned the proposed valuation as inadequate and raised concerns about transparency in the divestment process, though the government has not formally responded to these objections.
How much public money went into IDBI Bank's rescue?
According to the employee union, the Government of India and Life Insurance Corporation of India (LIC) together infused more than ₹46,000 crore into IDBI Bank between 2016 and 2020, following steep losses from the RBI's Asset Quality Review exercise.
What impact will the IDBI Bank strike have on customers?
A full two-day strike across IDBI Bank's national network would likely disrupt retail and corporate banking operations on 2 and 3 November. Customers may face delays in branch services and other banking transactions during the stoppage.
